When you make an agreement with a realtor to sell your home, one of the factors of the agreement is to pay them a commission once the home is sold. It's common for the commission on the sale of a home to be around 6%, though it can vary depending on the cost of the home and the market you are in. That said, there will be times times where you may feel that your agent should lower their commission rate that you'll be paying. Here are 3 situations when it will be a good idea to ask.
You Are Selling The Home At An Odd Time
Real estate does have cycles where homes are easy to sell, and times where homes are difficult to sell. Expect it to be much easier to sell your home during the summer, when many families are looking to move between school years. If you are selling at an odd time of the year, it may be worth asking for a lower commission.
Your agent may be taking on more homes than they can handle just to make a sale, and you may not be receiving the attention that you would otherwise be able to get. Use this as a bargaining tool to ask for a lower commission percentage.
Your Are Selling The Home For A Low Price
Competitively pricing your home is a great way to get it sold quickly. Your agent knows this, and chances are that they will have to do less work to make the sale since the price is doing all the talking. If you are going to be taking a big hit in terms of a lower sale price, check with your agent about lowering their commission in return. They'll be getting a fast payday from selling your home at an attractive price, so they may be willing to take less for doing less work.
You Are Selling The Home Due To Foreclosure
When you need to sell the home because you cannot afford to make payments, you probably do not have much equity built up in the home to begin with. In this case, the majority of the commission that needs to be paid could be coming directly out of your pocket after other closing costs. See if your real estate agent is willing to work with you, since a higher commission could be a financial hardship.
While it never hurts to ask for a lower commission, these 3 situations give you a good chance of getting what you want. To learn more about working with a real estate agent, visit websites like www.deeevans.com.